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Pocket money - Alison Steed, MyMoneyDiva.com

Pocket money

Children’s pocket money has been hit as hard as parents’ pockets by the credit crunch, according to the latest research. In what you might see as a statement of the bleedin’ obvious, Tesco Bank has identified that children’s pocket money has been cut by around a quarter of parents. Not only that, most parents will also expect their children to do something to ‘earn’ their pocket money, whether that is helping to mow the lawn or tidy their rooms to get their cash.

While from the child’s point of view that might be a pain, getting children to work for their pocket money is a key way of helping them to understand the value of it. With so many young people thinking they will either earn a living by ‘being famous’ or ‘marrying a footballer’, there is a need for a healthy dose of reality.

Don’t get me wrong, I know there are plenty of teenagers who work hard and don’t think like that. But even if your child is one of the latter, there is no harm in helping them to learn the value of money.

Perhaps unsurprisingly, parents in London are the most generous with pocket money, paying an average of £7.81 a week. Swansea is second on the list at £6.68, Glasgow third at £6.46.

At the other end of the scale, children in Wrexham can expect just £2.50 a week on average, those in Chelmsford, Essex will receive just £3.40, and Worcester £3.50.

However, it is sad to see that the gender pay gap starts early – even before boys and girls get to work. Tesco Bank’s research has found that boys are more than twice as likely as girls to get between £16 and £20 a week. But girls are far more likely to save their money, with boys generally spending their cash within a few days.

Now I have a theory, that money is the last taboo – most people are happier to tell you about their sex lives than they are to talk to you about how much they earn, or how much debt they are in. So it is good to know that parents are now starting to have the same ‘facts of life’ talk with their children about money that they do about the birds and the bees.

Making learning about money fun is vital to enable children to get their heads around where money comes from, why you need it and how you can make the most of it when you get it.

Remember though, if you find it hard to manage your money, then you are likely to pass on bad habits to your children. Do what you can to get your own house in order to give your children the best chance they can get to start their working life with good money management skills.

Alison Steed

Alison Steed is the editor and co-founder of the personal finance website for women MyMoneyDiva.com


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